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What does this do? Can you remove a co-owner? Can you sell your house?
Asked on March 16, 2018 under Real Estate Law, New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
An "action in partition" is a legal remedy that is employed when co-owners of jointly held property cannot agree as to ownership matters. Regarding real estate, if the property it can be divided, then the court will so order. However, if it can't (such as in the case of a single family house), then a "sale in lieu of partiton" will be ordered. Pursuant to such an action, the property will be sold for fair market value and the proceeds will be equitably distributed among/between the owers. First, however, any owner who wishes to keep the property has the option of buying the other owner(s) out.
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